Serve Robotics (NASDAQ:SERV) Trading Down 5.6% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV) traded down 5.6% during trading on Friday . The company traded as low as $12.20 and last traded at $12.37. 3,781,111 shares were traded during mid-day trading, a decline of 72% from the average session volume of 13,342,609 shares. The stock had previously closed at $13.10.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Northland Securities set a $23.00 price target on Serve Robotics in a research report on Tuesday. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 price target on the stock. Two investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Price Performance

The business has a 50 day moving average price of $16.55 and a 200-day moving average price of $11.90.

Insider Activity

In other news, CEO Ali Kashani sold 31,791 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $11.39, for a total value of $362,099.49. Following the transaction, the chief executive officer now directly owns 3,346,998 shares of the company’s stock, valued at $38,122,307.22. The trade was a 0.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,793 shares of company stock valued at $2,733,515 in the last ninety days. 21.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp acquired a new position in Serve Robotics during the 3rd quarter worth approximately $333,000. Exchange Traded Concepts LLC acquired a new position in Serve Robotics during the 4th quarter worth approximately $9,066,000. Atomi Financial Group Inc. acquired a new position in Serve Robotics during the 4th quarter worth approximately $209,000. Geode Capital Management LLC raised its stake in Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after buying an additional 73,496 shares during the period. Finally, Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics during the 3rd quarter worth approximately $9,636,000.

Serve Robotics Company Profile

Serve Robotics Inc designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc in July 2023.